Marketing Your Rental Property – The 5 Essentials
Marketing is how you let potential tenants know your property is available.
The goal of marketing is to attract the right tenant that would love to rent your property. Ideally, we would like to see more than one tenant apply for the property, as this will give you choice.
Once you have decided on the asking price it’s time to begin marketing. So where do you start?
Here are 5 points to consider:
While rules on disclosure vary from state to state, it is important to make sure you are not knowingly making any misleading or deceptive statements or promises. You need to disclose the following,
- Any repairs that are needing to be made after the tenant moves in.
- Whether you intend to sell the property and have prepared a contract in readiness. This is necessary in some states.
- Any material facts: This includes whether the property is prone to bushfire, flooding, health risks such as lead paint or asbestos on the premises and any violent crimes that may have occurred.
Your marketing must not state or imply that you wish to exclude possible tenants (either directly or indirectly) because of their: Race, sex, pregnancy, disability, sexuality, sexual preference, or age.
Good copywriting is an art. Using words to describe a property that are accurate and enticing is not easy. Tenants are looking for lifestyle, so start by converting the physical features of the property into word pictures that have feeling.
- ‘Glorious, light-filled rooms’
- ‘Sparkling kitchen and bathrooms’
- ‘Beautifully-proportioned bedrooms’
- ‘Outdoor area perfect for entertaining’
The challenge is not to sound repetitive or dull.
It’s a balancing act of giving the necessary information without going over the top or being misleading. Nothing is more upsetting to potential tenants than taking the time to inspect a property and then being disappointed by inaccuracies in the marketing. If you advertise harbour views or glimpses, make sure they are easily viewed or glimpsed.
A picture paints a thousand words, so what are your photos saying about your property?
Photography is playing a larger role in real estate rentals. Have a quick look at some property websites to see what you’re up against. Start with the Sales sections – you’ll quickly see that professional-looking photos make a property look amazing. Then look through the rentals.
Many tenants don’t even read the description; they judge the property from the images. How do you want your property to appear on a big screen?
The limitation on a typical digital camera is the focal length of the lens. A wide angle lens will let you fit more of the scene into the frame. This is critical with internal photography, as you are often limited with space to manoeuvre.
Good, professional looking photos make a significant impact on the success of your marketing.
For tips on taking excellent real estate photography see our previous blog “7 Tips For Great Real Estate Photography”.
Floorplans have been used in selling real estate for many years. From a rental perspective, a floorplan is an easy way to differentiate your property from the competition and provides a very effective memory jogger for potential tenants of how the property flows.
They are a useful tool that tenants can take home to imagine and plan the placement of furniture. By doing this, the tenant starts the process of mentally moving into the property.
Once you have your marketing materials in place, the next decision is how you will advertise your property.
The Internet has become the place to look for rental property, now well surpassing print media publications. The largest two Australian websites are realestate.com.au and domain.com.au. These two represent the bulk of property in Australia, both in sales and rentals, and are the first places that tenants look. These two websites have convenient smart phone applications that are used by the majority of those routinely looking for a rental.
The first few weeks of marketing is vital and every week your investment is vacant counts as lost rent. By following the right steps you can rest assured knowing you will have the right tenant in no time.
Copyright © 2018, www.propertyquarters.com.au